News
On March 15th, according to Farside Investors data, Belad IBIT achieved a net inflow of $345 million yesterday, resulting in a net inflow of $132 million for the Bitcoin spot ETF, maintaining a net inflow trend for over a week.
On March 15th, according to Alternative data, the cryptocurrency fear and greed index today is 83 (yesterday was 88), indicating a slight decrease in market greed sentiment.
Note: The fear index threshold is 0-100, including indicators such as volatility (25%) + market trading volume (25%) + social media popularity (15%) + market surveys (15%) + Bitcoin's proportion in the entire market (10%) + Google hot word analysis (10%).
On March 15th, Daniel Yan, co-founder of Kryptanium Capital, posted on social media, stating that in a bull market, a 5% flash crash is quite healthy and not surprising. What is truly surprising is that BTC.D (Bitcoin's market dominance) and BTC are both falling simultaneously for the first time in a long time, indicating that altcoin season is coming.
Market Review
In yesterday's article, it was mentioned that there was a divergence in the one-hour chart, indicating a potential downward trend. The resistance mentioned yesterday was near the highest point, around 73500, and the targets were all reached. It was also profitable to go long near the support levels of 70500-69800 in the evening yesterday. However, if the price breaks below the previous low of around 68500, the subsequent situation may not be optimistic. How should one operate in this situation?
Market Analysis
Looking at the hourly chart, the market experienced a decline in the morning, dropping to around 66700, with the highest decline reaching 8%. At the same time, the market dominance of Bitcoin also dropped to around 50%. Once Bitcoin stabilizes, opportunities for altcoins may arise, as the market tends to rotate. As shown in the chart, in the short term, after continuous testing of the low points, there has not been a further breakthrough to new lows. At the same time, the RSI will enter the bottom zone. The decline may not be as continuous, and as mentioned yesterday, if it falls below 68500, there may be an opportunity to reach 64000-63000, which is a medium-term target. In the short term, an initial rise followed by a decline is expected. The upper resistance is around 69500-70300, and the short-term support is around 65600-65200. If it falls below 64500, look for 63000. Around 63000 is considered a strong support. Specific trading guidance will be provided in the actual trading process.
Technology is the method, and trend is the king. Let the leader of the cryptocurrency world guide you through the sea of coins.
Exercise caution when entering the market, as trading involves risks.
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